Canadian Public Venture Finance I Inc.
TSX VENTURE : NNN.P

August 31, 2005 12:05 ET

Canadian Public Venture Finance I Shareholders Approve Amalgamation with Extenway Solutions

MONTREAL, QUEBEC--(CCNMatthews - Aug. 31, 2005) -

(Not for dissemination in the United States of America)

Canadian Public Venture Finance I Inc. ("Finance I") (TSX VENTURE:NNN.P) today announced that the shareholders of Finance I have approved the terms of the arm's length amalgamation agreement between Finance I and Extenway Solutions Inc. ("Extenway"), pursuant to which Finance I and Extenway have agreed to amalgamate (the "Business Combination") to form a new company to be called Extenway Solutions Inc.

Finance I is also pleased to announce that the shareholders of Extenway have also approved the Business Combination. The Business Combination will constitute a Qualifying Transaction of Finance I as defined in Policy 2.4 of the TSX Venture Exchange Inc. ("TSX Venture") Corporate Finance Manual.

The completion of the Business Combination is subject to the approval of TSX Venture and all other necessary regulatory approval. Closing of the Business Combination and the proposed private placement by Extenway of subscription receipts at a price of $0.30 per subscription receipt for minimum gross proceeds of $1.3 million are expected to occur on or about September 12, 2005.

About Extenway Solutions Inc.

Extenway (www.extenway.com) is a technology company based in Montreal, Quebec that specializes in the development of software and hardware products for the lodging industry. Extenway provides hotels with a comprehensive and interactive in-room entertainment system that offers on-demand movies, high speed Internet access and TV programming on a high-definition HDTV-compliant LCD flat-panel television. Using patent pending proprietary television and computer technologies, Extenway's products enable guests to turn the in-room television into a virtual personal computer, or PC, thereby providing them with the unique opportunity to access and work on business documents in the privacy of their room without having to carry a laptop.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to, market acceptance of principal products, the impact of competitive products and technologies, the possibility of products infringing patents and other intellectual property of fourth parties, and costs of product development. Neither Extenway nor Finance I will update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Finance I and Extenway.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canadian Public Venture Finance I Inc.
    Alain Lambert
    President and Chief Executive Officer
    (514) 392-9420
    or
    Extenway Solutions Inc.
    John McAllister
    President and Chief Executive Officer
    (418) 523-4474